(4) A licensed insurance producer who receives a fee in lieu of a commission pursuant to section 1450 if the insurance producer receives a fee for the insurance transaction and not for other services provided;

(5) A financial institution or a financial institution holding company if the insurance advice is given as part of its trust department rendering insurance advice in a fiduciary capacity; or

(6) A person authorized to act as or on behalf of an investment advisor in accordance with Title 32, section 10303 and 10304, subsection 2-A 16403 and 16404 to the extent such activities entail providing insurance advice incidental to financial planning advice.

Sec. C-11. 24-A MRSA §3489, sub-§1, ¶C, as enacted by PL 1999, c. 656, §5, is amended to read:

C. "Public offering" means an offer that includes an offer to individuals that is made by means of public advertising or general solicitation. "Public offering" does not include:

(1) Issuance of stock to the mutual holding company or any related stock holding company; or

(2) An offer or sale that is exempt from registration by virtue of Title 32, section 10502, subsection 2, paragraph I, L, N, Q or R 16202, subsections 13, 15, 16, 19 or 26.

Sec. C-12. 24-A MRSA §3489, sub-§6, as enacted by PL 1999, c. 656, §5, is amended to read:

6. Membership interest. A membership interest in a mutual holding company does not constitute a security under Title 32, section 10501 16102, subsection 18 28 or any other law of this State and is not transferable.

Sec. C-13. 24-A MRSA §6208, 2nd ¶, as amended by PL 2001, c. 182, §8, is further amended to read:

If a registration statement for the cooperative is filed with the Office of Securities, pursuant to the Revised Maine Uniform Securities Act, Title 32, chapter 105 135, a copy must be